Competitive Pressure From Short-video RivalsIntense competition from other short-video platforms risks weakening advertising and user-growth momentum, which could weigh on ad revenue performance.
Margin Pressure From AI SpendingPlanned increases in AI investment are expected to slow the pace of margin expansion, creating pressure on reported profitability.
Mobile Games Concentration RiskWeakness in the mobile games segment leaves revenue exposed to the success of a few new game launches, increasing execution risk for overall growth.